China Electric-Car Makers Hit by New Threat of Subsidy Cuts
- Industry leaders BYD and BAIC BluePark fall most this month
- China may reduce support for industry after gauging demand
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Shares of Chinese electric-car makers fell in the wake of a Bloomberg News report that said regulators may cut subsidies further on the embattled industry.
BYD Co., China’s biggest maker of new energy vehicles, slid 2.8% in Hong Kong. BAIC BluePark New Energy Technology Co., the country’s biggest maker of pure electric cars, retreated 2.9% in Shanghai, while Contemporary Amperex Technology Co. Ltd., the world’s biggest car-battery maker, dropped 2.5%. Hong Kong’s Hang Seng Index fell 2.6% and the Shanghai Composite Index fell 1.8%, their biggest losses in three and four months, respectively.